High Court orders Menzgold to refund GH¢2.6 million owed to 58 customers, here’s why

November 8, 2019 5:58 PM

The Accra High Court has ordered Menzgold Ghana Limited, a gold dealership firm to refund GH¢2,664,000 owed to some 58 soldiers who sued the company.

Court orders Menzgold to refund GH¢2.6 million owed to 58 customers, here’s why

The plaintiffs which include soldiers from the Ghana Navy, the Ghana Air Force and the Ghana Army per the writ of summons issued on December 12, 2018, had prayed the High Court to order a refund of their money they invested in the company.

The sums, which are their principal investments with Menzgold, ranged between GH¢18,000 and GH¢244,000.

The court, presided over by Justice Angelina Mensah-Homiah J. ordered that the plaintiff be paid the sums together with a paid interest at the prevailing commercial bank rate from the date of judgement till the date of final payment.

The court, however, refused to enforce the contractual interest at the rate contained in the respective agreements between Menzgold and the respective plaintiffs because it was a Ponzi Scheme in a previous suit.

The plaintiffs though served with the judgement, would have to await the refund from the company.